Press Trust of India / New Delhi Feb 15, 2012, 16:34 IST
Following NTPC's exit from ICVL, the government is mulling a couple of options for distributing power major's 14% stake among the existing shareholders— SAIL, RINL, NMDC and Coal India.
One of the options, which might pave for smooth distribution, is allocating the 14% stake in proportion to the current shareholding pattern.
However, the government is also weighing the option of giving the 14 per cent stake to the PSUs under the steel ministry's administrative control - SAIL, RINL and NMDC.
"It all depends how they (the government) are going to restructure. They may divide the shareholding of NTPC to other shareholders in the proportion of their existing shareholding pattern," SAIL Chairman C S Verma told PTI.
"They may give NTPC's stake to steel companies. But, whatever it be, SAIL is the largest shareholder in ICVL now and will remain the largest shareholder," Verma, who is also the Chairman of ICVL, added.
If NTPC's stake is given to steel firms alone, the Coal Ministry's only representative Coal India would be deprived of acquiring additional stake in ICVL, which enjoys the autonomy accorded to Navratna companies without having formal Navratna status.
International Coal Ventures Ltd (ICVL) was incorporated in 2009 for buying coking coal assets abroad. SAIL and CIL hold 28 per cent each in the consortium, while RINL and NMDC have 14 per cent each.
NTPC wished to exit from the consortium since the mandate of ICVL is to acquire coking coal assets. This is in contrast to NTPC's interest of thermal coal.
ICVL, which has Rs 10,000 crore authorised capital and Rs 3,500 crore equity capital, has not been able to taste success since its journey; but exuding confidence, Verma said that the consortium was very close on hitting its maiden target and the deal would be struck within the current fiscal itself.
The consortium aims to be an owner of about 500 million tonnes of met coal reserves by 2019-20.
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Following NTPC's exit from ICVL, the government is mulling a couple of options for distributing power major's 14% stake among the existing shareholders— SAIL, RINL, NMDC and Coal India.
